Saab postpones creditor meeting as talks with Chinese continue
Dow Jones reports that Saab Automobile AB is trying to complete the deal so that it can pay off creditors and exit creditor protection status. Swedish law prohibits any company under creditor protection from borrowing money.
Without the deal with Pang Da and Zhejiang, Saab will most likely end up entering bankruptcy. The Chinese automakers had already agreed to pay 100 million euros ($135 million U.S.), but former Saab owner General Motors proclaimed that it wouldn't license technology under the same terms to Saab's new owners. Saab is reportedly scheduled to pay November wages for "a large portion" of its employees this coming week, adding to the urgency of the situation.
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